Reskilling or Rusting? Why Now Is the Time to Reinvent Work

Dr. CK Bray
Jun 26
3 min read

In 2019, the Organisation for Economic Co-operation and Development (OECD) issued a stark prediction: within 15 to 20 years, 14% of global jobs would be eliminated by automation, and another 32% would be radically transformed. That projection, which affected more than 1 billion people, didn't even account for the explosive growth of generative AI tools like ChatGPT.

Today, the pace of technological advancement is redefining the demand for skills faster than ever. Tasks once seen as uniquely human, coding, research, and even creative writing, are now handled by sophisticated AI systems. The average half-life of a skill is now less than five years. It's as short as two and a half in some tech fields. Even if jobs aren’t disappearing, the nature of work is shifting so dramatically that many employees are, in effect, working in entirely new fields.

Why Reskilling Isn’t Optional Anymore

Many companies are investing in upskilling to respond to this disruption. One BCG study found that these efforts can represent up to 1.5% of total budgets. But this won’t be enough. The OECD's estimates imply that millions of workers may need complete reskilling—a challenge that demands not just new skills but entirely new career paths.

Most companies know something must be done, but few have done it at scale or with real impact. The question isn't whether to reskill, but how to do it effectively.

Five Shifts Companies Must Embrace to Lead in the Reskilling Era

Based on interviews with nearly 40 global organizations by the Digital Reskilling Lab at Harvard and the BCG Henderson Institute, five major paradigm shifts have emerged:

Reskilling is a Strategic Imperative: Historically, reskilling was a PR tool or a soft-landing strategy during layoffs. That view is outdated. Labor markets are tight, talent is aging, and skills are evolving fast. Companies must now treat reskilling as a critical path to competitive advantage.

Firms like Infosys, Vodafone, and Amazon are leading the way by turning internal talent into cybersecurity, software, or machine learning experts. Others, like McDonald’s and ICICI Bank, are leveraging reskilling to tap into broader and more diverse talent pools.

Reskilling is Everyone’s Job:

Too often, reskilling sits within HR and is measured by surface-level metrics. But true impact requires broad organizational ownership.

At Ericsson, reskilling is tied directly to strategic priorities and executive goals. Amazon integrates it into leadership expectations. CVS pushes responsibility for workforce development down to business unit leaders. This alignment ensures reskilling is not only executed but owned across the company.

Reskilling is a Change Management Effort:

You can’t just plug in a training module and expect transformation. Reskilling is about people, culture, and systems.

Success requires robust skills, taxonomies, workforce planning, and new recruitment models. Companies must also confront talent hoarding, middle manager skepticism, and employee fatigue. Champions like Wipro and Novartis have addressed these through performance-linked manager incentives and internal talent marketplaces.

Employees Want to Reskill—When It Makes Sense:

Many workers are ready to reskill but hesitate due to uncertainty. BCG data shows 68% are aware of tech disruptions and willing to act, provided the path is clear and supported.

Companies can win trust by treating employees as partners and co-designers of reskilling efforts: transparency, practical benefits, and guaranteed outcomes matter. Vodafone and Bosch allow paid learning days. Amazon’s Career Choice covers education costs up front. Iberdrola coordinates with frontline managers to ensure operations aren’t disrupted.

Looking Ahead: From Initiative to Ecosystem

Many companies understand the urgency of reskilling. However, their progress is often blocked by a lack of measurement, scalability, and long-term vision.

The future of work is not something to brace for. It’s something we must build.

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